Tradefair & Financials
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I'm 51, have paid off the mortgage, got £20K I can use as a deposit, and I reckon property is a good long-term investment. I believe though, that there will be an incredible price crash next May/June time, when the VAT, tax rises and unemployment kick in - any opinions on whether my forecast is correct, or should I buy now?
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Replies: 13
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buy now - had the biggest recession in a generation and no crash. Massive shortage of prop in uk
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heading for a double dip and this time interest rates cant go any lower to prevent a full on crash.
you will get plenty of estate agents or mortgage brokers disagree but you are wise to be cautious. |
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Massive shortage of prop in uk
susrprising lack of homeless people then  |
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The property shortage myth is one of the great lines used by Estate Agents.
Leeds, Birmingham and Manchester has thousands of flats in new build complexes lying empty Prime land in my City is owned by housebuilders but it is not cost effective for them to start building houses yet... I wonder why. Some people need to wake up and smell the coffee. My house is currently on the market and I would accept 10 under the asking price. |
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trying to sell my top floor flat at the moment & have had two viewings so far, both buyers were eldery ladies who each came with their daughters, both loved the flat but because it was top floor did not buy.....i'm now thinking of banning pensioners from viewing my flat
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Prime land in my City is owned by housebuilders but it is not cost effective for them to start building houses yet... I wonder why.
It's exactly why the property market will begin to recover, the builders are not building many and this creates a shortage as the market settles down. I would be careful about flats though and suggest a smaller 2-3 bed semi as more useful for renting purposes. |
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The builders are not building for a reason... they are unable to shift the ones they have built. Some of the offers they are making for part exchanges are incredible. I know of one instance where the bottom of the chain almost broke down on a sale due to a £5k bill following a survey. The builder stumped up the cash just to keep it from falling through.
The shortage of housing is mainly affordable housing. Just look at the number of houses on the market that have been so for many many months in the 3 bed semi, 4 bed detached range. The markets flooded with propertys for sale yet the big estate agents in my City are only shifting 5-6 a week (less than 1 a day). Just add to the increase in public sector unemployment in the next six months and we will see further retraction in sales. Sorry but the warning signs for a major correction are all to see and if I can get shot of mine (fingers crossed) before the correction I will be moving into a rented pad. |
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market flooded with propertys for sale
Absolutely cr...ap.Where do you live....we have been having a house price for the last 10 yrs...why has it never happened ? |
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The last Govt went to great lengths to support the market but its only delayed the inevitable.
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I live in the centre of York. Yes the last government went to huge lengths to keep house prices stable and the market as fluid as possible. Most dont want to believe a correction is on the cards but I dont see what can be done to prevent it.
I would be interested to hear what some of those in the know and are prepared to be honest have to say on the matter... i.e mortgage brokers, estate agents, property developers...etc |
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Good luck with finding that.
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I would be interested to hear what some of those in the know and are prepared to be honest have to say on the matter... i.e mortgage brokers, estate agents, property developers...etc
You need the chisel mortgage-broker-batman-floodlight. |
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I believe everything is due for a crash. The stock market has been in bear market for the last 10 years. FTSE 100 @ 31/12/1999 almost 7000. Today 4850. Bear market which will take another 10 years before its over. Further falls on the horizan. Property prices have been inflated due to low interest rates, but mainly because people cant move. Lenders wont lend. People are "trapped" in their properties hence the few that can move have moved the market upwards. This is a false position. The market will fall over the next few years. The banks need to finance £300BN next year, VAT is going up, job losses will be seen, tax increases and at some stage interest rates will go up. Cash is king at present. Hold onto your money and wait another 2 years. FYI I am a Independent Financial Adviser and Mortgage Broker.
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